16 December 2008 15:08 [Source: ICIS news]
LONDON (ICIS news)--Initial European ethylene (C2), and propylene (C3) monthly contracts for January have been agreed down €600/tonne ($822/tonne) and €523/tonne respectively, a key producer and integrated consumer said on Tuesday.
January ethylene at €520/tonne (FD) free delivered (NWE) northwest Europe was down around 54% from its fourth quarter level of €1,120/tonne. January propylene was also down by a similar amount at at €430/tonne, compared to its fourth quarter value of €953/tonne.
These are the first monthly contracts to be publicly reported since December 2006, although a handful of supply contracts are known to be priced on a monthly basis, these have been kept private and confidential.
($1 = €0.73)
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